Are things about to go from bad to worse for Tesla?

Tesla can normally rely on positive commentary from its biggest champion in the investment community, Morgan Stanley analyst Adam Jonas.

After the second-quarter results and call featuring CEO Elon Musk, however, the Tesla ‘mega-bull’ was nonplussed. “Almost no detail on outlook. Tesla’s outlook continues to lack any specific targets on revenues or margins,” he wrote in a note to investors. “Elon seems to be… exiting the auto industry”.

Jonas noted that Musk was “pulling capital out of the business and doubling down on AI, autonomy and robotaxis.”